Yesterday, IncomeSharks (@IncomeSharks), a prominent crypto analyst and trader, took to Twitter to caution against bullish sentiment in the crypto market, specifically about Bitcoin (BTC). The tweet advised traders and investors to only buy into BTC at current levels if they had already acquired the asset at its peak of $20K. This serves as a reminder to exercise caution and strategic thinking when navigating the volatile world of cryptocurrency.
According to the trader, the optimal moment to purchase a cryptocurrency is during the occurrence of red candles. The trader emphasized the importance of waiting for red candles to buy and green candles to sell. The tweet concluded with IncomeSharks predicting that BTC is heading toward a sell zone.
According to the latest update from CoinMarketCap, BTC has experienced a 1.91% decline in price within the past 24 hours, currently trading at $27,022.53. Despite this, the cryptocurrency has maintained an impressive 31% increase in value over the last seven days. BTC continues to hold the number 2 spot on CoinMarketCap’s trending list as a testament to its market dominance.
Over the past 12 hours, the value of BTC has experienced a decline, settling at the crucial support level of $26,900. Notably, the cryptocurrency exhibited a pattern of ascending price channel, characterized by higher highs and higher lows, between Thursday and Saturday.
Despite BTC’s position within a favorable price channel, indications suggest this may not be a sustainable trend. The price will likely break out of this channel within 4-8 hours.
It’s worth mentioning that BTC has recently experienced a setback as it dropped below the critical support level of the 9 EMA line on its 4-hour chart. However, the bulls are striving to push BTC’s price back above this crucial EMA line to sustain its bullish momentum.
According to market analysis, a potential BTC value decline is anticipated within 24-48 hours if it fails to maintain a closing price above the $26,900 threshold. Conversely, a positive BTC value trend is expected if it surpasses the minor resistance level of $27,410 by the end of today’s trading session. These insights serve as valuable indicators for investors seeking to make informed decisions in the volatile cryptocurrency market.
